Rent prices nationwide increased slightly in April while the average monthly cost for an apartment in Colorado Springs dropped 4.6 percent, according to a recent report.
Wisconsin-based research firm Abodo released its May 2017 “National Apartment Report,” which showed that average rent in Colorado Springs decreased from $909 in April to $867 this month — the third-biggest decrease among the markets they monitor.
“Our data shows that Colorado Springs experienced a 4.6% decrease in rent price from April 1, 2017 to May 1, 2017,” according to ABODO senior communications manager Sam Radbil. “And [Colorado Springs] ranked #3 in the entire country.”
The report indicated that the national average for rent increased slightly, with the median rate for a one-bedroom apartment rising to $1,012 monthly
“That’s the highest it’s been since January’s figure of $1,016, and represents an overall decline since the beginning of the year of .39 [percent],” according to the report.
The only two cities to have more significant decreases in rent were found by the report to be Lincoln, Neb. and Fort Wayne, Ind., each of which saw a 8.2-percent drop in rent from April to May.
Lubbock, Texas also saw a 4.6-percent decrease in rent from month to month. Other cities to experience decreases were Nashville, Cleveland and Riverside, Calif.
“Those declines might seem steep,” according to the report. “One explanation: In order to better approximate what an apartment-seeker would experience when looking for a place to rent, ABODO collects data only on active listings currently on the market, which can vary widely month-to-month, depending on supply.”
The full report is available at abodo.com/blog/may-2017-national-apartment-report.